\C/>38SJ 
A8S- 


ATLANTA  AND  RICHMOND 
AIR-LINE  RAILWAY  COMPANY 
FROM 
ATLANTA,  GA.  ,  TO  CHARLOTTE,  N.  C. 


THE  LIBRARY  OF  THE 

UNIVERSITY  OF 

NORTH  CAROLINA 


THE  COLLECTION  OF 
NORTH  CAROLINIANA 

ENDOWED  BY 

JOHN  SPRUNT  HILL 
CLASS  of  1889 


Cp385.1 

A85 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071630 

FOR  USE  ONLY  IN 
;  NORTH  CAROLINA  COLLE< 


jf. 


ATLANTA  I  RICHMOND 
ir-jme   |aikag   fonpttg. 


Shortest  Line  from  New  York  to  New  Orleans. 


A    DESCRIPTION    OF    THE    ROUTE- PROGRESS    AND 

CHARACTER  OF  THE  WORK— RESOURCES  AND 

PROSPECTS  OF  THE  COMPANY. 


FIRST  MORTGAGE  EIGHT  PER  CENT.  BONDS. 


BANKERS   AND    FINANCIAL   AGENTS, 

LANCASTER    BROWN    &    CO. 

23    NASSAU    STREET,    NEW    YORK. 


E.   WELLS  SACKETT.  STATIONER,  AND  BOOK  AND  JOB  PRINTER, 
Cor.  Pine  and  William  Streets 

1870 


kT 


ATLANTA  AND  RICHMOND 
AIR-LINE  RAILWAY  COMPANY 


ATLANTA,  GA.,  TO  CHARLOTTE,  N.  C.; 

CONNECTING, 

VIA   GREENSBORO'  AND  DANVILLE,  WITH  RICHMOND,  VA.,  AND 

AT  RICHMOND   WITH  THE    RICHMOND,   FREDERICKSBURG 

AND  POTOMAC  RAILROAD,  THE  GREAT  TRUNK 

LINE  FOR  PASSENGERS  TO  AND  FROM 

WASHINGTON,  BALTIMORE,  PHILADELPHIA  AND  NEW  YORK 

FIRST  MORTGAGE  BONDS, 

THIRTY  YEARS  TO  RUN  FROM  1ST  JULY,  1870. 

Interest  at  the  rate  of  8  per  cent,  per  annum;  PayaWe  in  New  M, 

ALL  U.  S,  TAXES  PAID  BY  THE  COMPANY. 


ISTEW    YORK! 

E.  WELLS  SACKETT,    STATIONER,    AND  BOOK  AND  JOB  PRINTER, 

Cor,  William  and  Pine  Streets. 

1870 


OFFICERS 


Mania  and   licnmond   Itf-fine   jjailujaj)   ||ompng 


PRESIDENT. 
A.  S.  BUFORD,  Richmond,  Ya. 

TREASURER. 
E.  W.  HOLLAND,  Atlanta,  Geo. 


DIRECTORS. 


A.  Austell,    - 

S.  B.  Hoyt, 

E.  P.  Howell, 

A.  Murphy, 

E.  M.  Johnston, 

Genl.  J.  W.  Harrison, 

J.  P.  Reid,      - 

Genl.  W.  K.  Easley, 

G.  Cannon, 

R.  Y.  McAden,  - 

W.    T.    SUTHERLTN,     - 

J.  Willcox  Brown,     - 


Atlanta,  Georgia. 


Gainesville,  " 
Anderson,  S.  C. 

a  u 

Greenville,    " 
Spartanburg,  S.  C. 
Charlotte^  N.  C. 
Danville,  Va. 
Baltimore,  Md. 


fV 
(J. 


TRUSTEES  FOR  THE  BONDHOLDERS. 
R.  A.  Lancaster,    -  -         -     New  York. 

Genl.  W.  K.  Easley,  Greenville,  S.  C. 

A.  Austell,     -  -     Atlanta,  Georgia. 


Q^ 


The  undersigned,  as  Agents  of  the  Atlanta  and  Richmond 
Air-Line  Railway  Company,  off er  for  sale  the  First  Mortgage 
Bonds  of  said  Company,  and  invite  the  attention  of  investors, 
capitalists  and  others,  to  the  subject  matter  herein  set  forth. 

The  Bonds  are  dated  1st  July,  1870,  have  thirty  years  to 
run.  They  are  in  denomination  $1,000,  and  bear  interest  at 
the  rate  of  8  per  cent,  per  annum,  payable  in  New  York, 
on  the  first  days  of  January  and  July  in  each  year,  free  of 
Government  tax. 

At  the  request  of  the  holder  these  Bonds  may  be  registered 
by  the  Transfer  Agent  at  our  Banking  House,  and  again 
made  payable  to  bearer,  upon  application  of  the  owner  in 
person  or  by  attorney.  The  total  amount  of  Bonds,  and  all 
that  can  be  issued  under  the  mortgage,  is  $3,600,000,  which 
is,  upon  225  miles  of  road,  $16,000  per  mile.  They  are 
secured  by  a  first  and,  only  mortgage,  executed  to  R.  A. 
Lancaster  of  New  York,  Genl.  W.  K.  Easley  of  Green- 
ville, 8.  C,  and  A.  Austell  of  Atlanta,  Georgia,  Trustees  for 
the  Bondholders. 


cV    Y%£<CW-u}  l^Z&r^yT- 


The  Bonds  are  offered  at  0/  ,  with  the  reserved  right  to 
advance  the  price  without  notice.  Government  Bonds  and 
other  marketable  securities  will  be  received  at  their  current 
■market  price,  without  commission,  in  payment  for  these 
Bonds,  which  we  recommend  as  an  entirely  safe  and  very 
profitable  investment. 

LANCASTER,  BROWN  &  CO. 


Digitized  by  the  Internet  Archive 

in  2012  with  funding  from 

University  of  North  Carolina  at  Chapel  Hil 


http://www.archive.org/details/atlantarichmondaOOatla 


THE 


ATLANTA   AND    RICHMOND 
AIR-LINE  RAILWAY. 


IT©    CONDITION    AJVL>    PROSPECTS. 


A  large  part  of  this  line  passes  through  a  country  nearly 
destitute  of  railroad  facilities,  greatly  needing  them,  and 
capable,  by  productiveness  of  soil  and  directness  of  route 
towards  the  great  marts  of  commerce,  North  and  South,  of 
richly  rewarding  the  construction  of  the  road.  The  length 
of  line  from  the  City  of  Atlanta,  Georgia,  to  Charlotte,  North 
Carolina,  is  about  225  miles— 95  miles  in  the  State  of 
Georgia,  105  through  South  Carolina,  and  25  in  North 
Carolina. 

The  road  will  be  opened  in  January,  1871,  from  Atlanta, 
53  miles,  to  the  Town  of  Gainesville,  a  good  working  point 
for  a  large  number  of  the  upper  counties  of  the  State  of 
Georgia. 


During  the  summer  and  fall  of  the  present  year  the  work 
of  construction  has  been  actively  and  extensively  opened  on 
the  Charlotte  end  of  the  line,  with  a  constructing  force  of 
between  one  and  two  thousand  hands,  covering  that  part  of 
the  line  from  Charlotte,  N.  C,  to  the  Town  of  Spartanburg, 
in  the  State  of  South  Carolina,  a  distance  of  nearly  seventy 
miles,  the  whole  of  the  unfinished  work  from  Charlotte  to 
Gainesville,  in  Georgia,  being  under  contract  with  able  and 
experienced  constructors  and  capitalists,  and  to  be  finished 
complete  and  in  running  order  by  the  summer  of  the  year 
1872.  Of  this  the  Company  will  complete  and  open  as  early 
as  possible  during  the  coming  year  the  road  from  Charlotte, 
1ST.  G,  to  Spartanburg,  S.  C,  this  portion  of  the  line  having 
good  rail  connections  at  each  terminus,  and  commanding  the 
transportation  of  several  of  the  largest  and  best  counties  in 
the  interior  of  South  Carolina.  From  Spartanburg  to  Green- 
ville, S.  O.j  a  distance  of  25  miles,  will  be  next  finished  up, 
and  the  road  is  expected  to  be  opened  by  the  end  of  the  year 
1871  to  Greenville;  at  which  point  another  rail  connection 
is  reached,  drawing  and  attracting  to  the  line  the  business  of 
another  large  portion  of  the  interior  of  the  State.  From 
Greenville,  twenty  to  thirty  miles  southwest,  the  line 
reaches  and  crosses  the  Blue  Ridge  Railroad  (connecting 
Knoxville.  Tennessee,  with  the  interior  of  South  Carolina), 
now  far  advanced  and  in  construction  under  the  patronage 
of  the  latter  State.  The  Athens  branch  of  the  Georgia  road 
it  is  understood  is  to  be  extended  at  an  early  day  to  the  line 
of  the  Blue  Ridge  road,  in  northeast  Georgia,  intersecting 
the  Air-Line  Railway  in  the  County  of  Banks  or  Franklin  in 
that  State.  Thus  it  may  be  seen  that  the  Air-Line  Railway 
between  its  extreme  termini,  is  intersected  by  four  interior 
lines  of  communication,-  each  of  which  must  act  as  a  lateral 
and  feeder  to  the  Air-Line,  contributing  to  its  immediate  pro- 
ductiveness as  each  is  reached,  and,  in  combined  result, 
enabling  it  to  develop  and  become  the  carrier  for  a  large 
portion  of  the  country  penetrated  by  these  intersecting  lines, 
not  otherwise  within  the  immediate  reach  of  the  Air-Line 
track ;  thus  opening  up  a  local  traffic  over  a  surface  of  fine 


9 

territory,  larger  perhaps  than  is  tributary  to  any  other  road 
of  similar  length  in  the  Southern  States.  All  this  is  additional, 
as  a  local  resource  of  extraordinary  value,  to  the  immense 
traffic,  both  passenger  and  tonnage,  which  its  commanding 
connections  at  each  of  its  termini  must  ensure.  To  this 
larger  view  of  the  prospects  of  the  road,  as  the  central  portion 
of  a  great  through  line  from  North  to  South,  along  the 
Atlantic  slope,  more  direct  attention  is  now  called. 

The  City  of  Atlanta,  the  southern  terminus  of  the  Air- 
Line,  is  the  focus  of  four  lines  of  railway  already  construct- 
ing there,  independent  of  the  Air-Line,  several  of  which 
must  contribute  their  business  in  large  part  to  the  Air-Line 
route,  giving,  southward,  the  shortest  and  most  direct  rail 
communication,  through  the  heart  of  the  cotton  belt,  to  the 
great  Gulf  Cities  of  Mobile  and  New  Orleans,  touching  at 
Montgomery,  the  important  connection  westward,  via  Selma, 
Jackson,  Vicksburg,  Shreveport  and  Marshall,  Texas,  with 
the  great  El-Paso  branch  of  the  Southern  Pacific  Railway/ 
Northward  from  Charlotte,  it  will  be  seen  that  the  rail  con- 
nections of  the  Air-Line,  already  completed  and  operating, 
are  the  directest  and  shortest  via  Richmond  to  the  capital  of 
the  nation  and  the  great  northern  marts  of  trade.  A 
moment's  observation  of  a  railroad  map  of  the  United  States, 
will  exhibit  these  facts  in  striking  outline,  and  will  show  that 
the  Air-Line  Railway  will  form  a  most  important  integral 
part  of  the  shortest  rail  communication  between  the  great 
points  of  trade  on  the  Gulf  and  the  cities  of  the  Eastern 
States;  the  greater  part  of  which  traverses  the  entire  length 
of  that  healthful  and  genial  district  known  as  the  Atlantic 
Piedmont,  a  district,  in  its  whole  range,  from  northeast  to 
southwest,  abounding  in  valuable  productions  of  the  soil, 
and,  in  its  southern  portion,  sinking  gradually  into  the  rich 
cotton  lands  of  the  Gulf  States.  A  comparison  of  distances 
on  this  route  with  those  on  such  lines  as  may  be  brought 
into  business  competition  with  it,  will  directly  exhibit  the 
great  advantages  in  that  respect  of  the  Air-Line.  The  Cities 
of  Baltimore,  Philadelphia  and  New  York  will  be  taken  as 
the  starting  points  of  this  comparison. 


10 


Miles  of      Miles  of 

From  Baltimore  to  New  Orleans  :  afScee  ^T^iinT 

Air-Line  route  through  Washington,  Rich- 
mond, Danville,  Charlotte,  Atlanta, 
Montgomery  and  Mobile 1169 

Orange  and  Alexandria  R.  II.  route,  via 
Washington,  Lynchburg,  Bristol,  Chatta- 
nooga, Atlanta,  &c 1313       144 

Baltimore  and  Ohio  R.R.,  via  Parkersburg 
(Wheelingroute  being  longer), Cincinnati, 
Louisville,  Nashville,  Chattanooga,  At- 
lanta, &c _. 1673       504 

Same  route  as  far  as  Louisville,  thence  via 
Clarksville,  Jackson,  Tenn.,  Meridian 
and  Mobile ... 1525       356 

Same  far   as   Jackson,    Tenn.,    thence    via 

Jackson,  Miss.,  direct  to  New  Orleans..      1442       273 

Same   to   Louisville,  thence   via  Memphis 

and  Jackson,  Miss 1457       288 

From  Philadelphia  to  New  Orleans  : 

Air-Line 1207 

Pennsylvania  Central  II.  to  Pittsburg, 
thence  via  Cincinnati,  Louisville  and 
Jackson,  Miss.,  the  shortest  route  through 

Pennsylvania . 1522       255 

From  New  York  to  New  Orleans  : 

Air-Line 1355 

Route  via  Harrisburg,  Pittsburg,  Cincin- 
nati, Louisville  and  Jackson,  Miss 1598       243 

By  Erie  Railway  to  Salarnance,  thence  to 

Cincinnati,  &c,  as  in  last  noted  route..     1717       362 

To  give  an  idea  of  the  value  of  the  extensive  railroad  traffic 
of  the  section  of  the  country  where  this  road  is  building,  it 
may  be  stated  that  the  income  of  the  Georgia  Railroad,  171 
miles  in  length,  running  from  the  City  of  Atlanta  to  the  City 
of  Augusta,  was,  in  the  year  1869,  $1,335,000.  The  income 
of  the  Western  and  Atlantic  Railroad,  running  from  Atlanta 


11 

to  Chattanooga,  138  miles,  was,  in  the  same  year,  $1,240,000. 
'Other  roads  in  Georgia  and  the  Carolinas  have,  in  proportion 
to  their  length,  something  like  a  corresponding  income.  The 
Air-Line,  with  its  superior  connections,  location  and  local  re- 
sources, can  hardly  fall  short  of  similar  results,  and  we  may 
give  it  by  fair  anticipation  an  annual  income  of  $1,500,000, 
as  soon  as  it  can  be  put  in  full  operation — equal  to  a  safe  net 
revenue  of  $600,000 — an  amount  sufficient  to  pay  an  annual 
dividend  of  8  per  cent,  on  $7,500,000.  Beyond  this  moderate 
estimate  it  may  not  be  necessary  to  go.  But  from  what  has 
in  part  been  already  brought  forward,  it  will  be  evident 
that  there  is  beyond  this  a  yet  grander  future  for  this 
road,  the  most  essential  part,  as  it  is,  of  what  must  prove,  by 
preeminence,  the  Grand  Trunk  Line  of  the  vast  and  ramified 
system  of  railroads  along  the  Gulf  and  Atlantic  Slopes.  Run- 
ning with  a  continuous  course  and  in  almost  a  straight  line 
from  New  Orleans,  through  Mobile,  Atlanta,  Charlotte, 
Richmond,  Washington,  Baltimore  and  Philadelphia,  to  New 
York  and  Boston,  and  receiving  at  these  and  other  points 
important  tributes  to  the  trade  and  travel,  by  railroad,  river 
and  canal  ;  so  located,  through  a  large  part  of  its  course, 
that  no  successful  rivalry  of  other  lines  need  be  apprehended, 
traversing  a  region  healthful,  and  abounding  with  every 
variety  of  productions  (which  seek  transportation  and  invite 
return  of  all  kind  of  merchandise),  the  best  and  most  direct 
■channel  for  which,  it  will  furnish — this  great  connected  line, 
when  completed  by  the  building  of  the  Atlantic  and  Rich- 
mond Air-Line  Road,  must  be  one  of  commanding  importance, 
assuring  abundant  revenues  for  its  own  support,  and  rich 
rewards  to  its  owners.  The  returns  to  other  parts  of  this 
line  may  at  times  fluctuate  in  amounts,  from  the  partial  suc- 
cess of  rival  routes;  but  this  can  hardly  be  the  case  with  the 
Air-Line  portion.  So  central  to  the  course  of  trade  is  its 
position,  and  so  indispensable  will  its  use  be  found,  as  to 
secure  for  it  a  continual  and  steady  current.  North  and 
south  of  it  there  may  be  partial  obstructions,  and  divisions  of 
streams  of  trade  and  travel;  but,  once  cleared  out,  the  very 
strength  of  the  current  must  keep  this  part  of  the  channel 
clear.     Though  the  streams  approaching  it  "  may  have  divers 


12 

risings  and  divers  runnings,"'  they  must  again  concentrate- 
here,  and  in  such  abundant  flow,  as  to  keep  it  full  to  its- 
banks. 

The  Atlanta  and  Richmond  Air-Line  Railway  is  estimated 
to  cost  complete,  with  an  equipment  amply  adequate  to  open 
its  business,  about  the  sum  of  $6,000,000.  The  Company 
have  now  a  reliable  stock  subscription  of  about  $4,000,000. 

The  fullest  confidence  is  entertained  by  the  management, 
that  this  great  work  will  be  in  complete  and  successful 
operation  before  the  close  of  the  year  1872. 


DEED. 

This  Deed  made  this  first  day  of  July,  eighteen  hundred 
and  seventy,  between  the  Atlanta  and  Richmond  Air-Line 
Railway  Company  of  the  one  part,  and  R.  A.  Lancaster  of 
the  City  of  New  York,  W.  K.  Earley  of  the  Town  of  Green- 
ville, in  the  State  of  South  Carolina,  and  Alfred  Austell  of 
the  City  of  Atlanta,  in  the  State  of  Georgia,  in  the  other 
part,  witnesseth  : 

Whereas,  The  said  Atlanta  and  Richmond  Air-Line  Rail- 
way Company  now  has  under  construction  its  line  of  railway, 
extending  and  to  be  completed  from  the  City  of  Atlanta,  in 
the  State  of  Georgia,  to  the  City  of  Charlotte,  in  the  State 
of  North  Carolina,  upon  and  through  the  territory  of  portions 
of  the  States  of  Georgia,  South  Carolina  and  North  Carolina, 
a  distance  of  about  two  hundred  and  twenty-five  miles ; 

And  whereas,  A  portion  of  said  Railway  Line  has  been 
already  built  and  put  in  operation,  the  residue  thereof  now 
partly  in  process  of  construction  remaining  to  be  completed, 
equipped  and  furnished  with  all  necessary  rolling-stock,  depots, 
machine-shops  and  other  works  and  fixtures  needful  and 
proper  therefor ; 


13 

Arid  whereas,  On  the  29th  day  of  June,  1870,  the  stock- 
holders of  the  said  Atlanta  and  Richmond  Air-Line  Railway 
Company,  in  general  meeting  assembled,  adopted  the  follow- 
ing resolution,  viz.  : 

Resolved,  That  the  President  and  Directors  be,  and  they 
are  hereby,  authorized  to  take  such  measures  as  may  be  neces- 
sary for  the  vigorous  prosecution  of  the  work  of  the  Company 
to  completion.  That  they  have  authority  to  provide  for  the 
issue  in  due  form  of  scrip  in  the  Atlanta  and  Richmond  Air- 
Line  Railway  Company,  in  lieu  of  scrip  issued  or  that  may 
have  been  heretofore  issued  by  either  of  the  Companies  con- 
solidated into  this.  That  they  also  have  full  power  and 
authority  to  make  and  execute  or  cause  to  be  made  and  ex- 
ecuted all  necessary  deeds  and  mortgages  or  other  contracts, 
whether  under  seal  or  otherwise,  for  the  purpose  of  raising- 
necessary  means  for  the  construction,  equipment  and  opera- 
tion of  the  Company's  work. 

And   whereas,    Afterwards,   to   wit,  on   the  29th  day  of 

June,  1870,  the  President  and  Directors  of  the  said  Atlanta 

and   Richmond   Air-Line   Railway    Company  adopted    the 
following  resolution,  viz. : 

Resolved,  That  in  the  opinion  of  the  Board,  the  best  inter- 
ests of  the  Company  will  be  promoted  by  the  creation  of  a 
single  first  lien  on  the  Company's  entire  property  from  Atlanta 
to  Charlotte,  and  the  issue  thereunder  of  sufficient  bonds  to 
meet  the  present  engagements  and  probable  wants  of  the 
Company,  in  stead  and  in  lieu  of  the  bonds  endorsed  by  the 
State  of  Georgia,  and  other  first  mortgage  bonds  in  the  other 
sections  of  the  line  as  heretofore  relied  on,  and  that,  there- 
fore, the  President  be,  and  he  is  hereby,  authorized  to  cause 
to  be  prepared  and  duly  executed  at  an  early  day,  a  proper 
deed  of  trust  or  mortgage,  conveying  the  Company's  entire 
line,  franchises  and  property  to  secure  an  issue  of  "  three 
millions  six  hundred  thousand  dollars  ($3,600,000)  or  more 
of  bonds  at  the  rate  of  sixteen  thousand  dollars  per  mile  of 
said  line,  to  be  used  for  the  necessary  purposes  of  the  Com- 


14 

pany  in  the  construction,  equipment  and  operation  of  its  line. 
That  said  bonds  shall  run  thirty  years  from  their  date,  and 
bear  interest  at  the  rate  of  eight  per  centum  per  annum,  pay- 
able semi-annually,  and  be  in  other  respects  in  such  form  and 
with  such  usual  stipulations  as  the  President  may  prescribe, 
and  the  President  is  instructed  to  have  said  bonds  prepared 
as  soon  as  convenient." 

And  the  President  of  said  Atlanta  and  Richmond  Air- 
Line  Railway  Company,  having  determined  and  prescribed 
the  form  and  stipulations  of  said  bonds  substantially  as  fol- 
lows, to  wit ; 


FIRST  MORTGAGE  LOAN. 

No....  No.... 

Atlanta,  and  Richmond  Air  Line  Railway  Company. 
($1,000.)  ($1,000.) 

All  United  States  Internal  Revenue  Taxes    levied 
on  this  bond  will  be  paid  by  the  Company. 

Know  all  Men  by  these  Presents :   That  the  Atlanta  and 
Richmond  Air  Line  Railway  Company  is  justly  indebted  to 

or  bearer  in  the  sum 
of  one  thousand  dollars  for  value  received,  which  said  sum 
the  said  Company  hereby  promises  to  pay  in  lawful  money 
of  the  United  States  to  the  holder  hereof,  at  the  office  of  the 
Company,  in  the  City  of  Atlanta,  Georgia,  on  the  first  day 
of  July,  1900,  and  also  to  pay  in  like  lawful  money,  interest 
thereon  at  the  rate  of  eight  per  centum  per  annum  semi- 
annually, on  the  first  day  of  January  and  July  of  each  year, 
upon  presentation  and  delivery  of  the  proper  coupons  of 
interest  hereto  attached,  at  the  office  of  the  Company;  in 
Atlanta,  or  at  the  option  of  the  holder,  at  the  Company's 
office  or  agency,  in  the  City  of  New  York.     This  bond  shall 


15 

pass  by  delivery  or  by  transfer  on  the  books  of  the  Company, 
after  a  registration  of  ownership  certified  thereon  by  the 
transfer  agent  of  the  Company.  No  transfer  except  upon 
the  books  of  the  Company  shall  be  valid  unless  the  last  trans- 
fer be  to  bearer,  which  shall  restore  transferability  by  delivery, 
but  this  bond  shall  continue  subject  to  succssive  registrations 
and  transfers  to  bearer  as  aforesaid,  at  the  option  of  each 
holder. 

Witness  the  seal  of  the  Atlanta  and  Richmond  Air-Line 
Railway  Company,  and  the  signatures  of  the  President  and 
Treasurer  of  said  Company,  this  first  day  of  July,  1870. 

[l.s.]  President-, 

Treasurer. 


Now  for  and  in  consideration  of  the  premises,  and  in  pur- 
suance of  the  authority  aforesaid,  as  for  the  purpose  of  secur- 
ing the  just  and  full  payment  of  the  bonds  to  be  issued  as 
aforesaid,  and  all  interest  thereon  as  the  same  shall  hereafter 
become  due  and  payable,  and  for  the  further  consideration  of 
ten  dollars  by  the  said  R.  A.  Lancaster,  W.  K.  Easly  and 
Alfred  Austell,  to  the  said  Atlanta  and  Richmond  Air-Line 
Railway  Company,  in  hand  paid,  the  said  Atlanta  and  Rich- 
mond Air-Line  Railway  Company  doth  grant,  convey  and 
assign  to  the  said  R.  A.  Lancaster,  W.  K.  Easley  and  Alfred 
Austell,  and  the  survivor  of  them,  the  entire  Railway  of  the 
said  Company,  extending  from  the  City  of  Atlanta,  in  the 
State  of  Georgia,  to  the  City  of  Charlotte,  in  the  State  of 
North  Carolina,  together  with  all  its  franchises,  lands,  build- 
ings, machinery,  rolling-stock,  materials  and  other  property, 
real  and  personal,  wherever  situated,  and  in  whatsoever  man- 
ner held,  and  whether  now  owned  and  held  or  hereafter 
acquired,  and  also  the  annually  accruing  net  income  of  said 
Company  ;  upon  trust,  nevertheless,  that  so  long  as  no  default 
shall  be  made  in  the  payment  of  the  principal   and  interest 


16 

of  any  of  the  bonds  which  may  be  issued  by  the  said  Atlanta 
and  Richmond  Air  Line  Railway  Company,  under  and  in 
pursuance  of  the  authority  set  forth  in  the  above-mentioned 
resolution  of  the  President  and  Directors  of  said  Company, 
the  Atlanta  and  Richmond  Air-Line  Railway  Company,  shall 
be  allowed  to  remain  in  quiet  and  uninterupted  possession, 
use  and  enjoyment  of  the  net  annual  income  aforesaid,  and 
of  all  the  property,  estate  and  effects  of  every  description 
hereby  granted,  conveyed  and  assigned,  but  should  default 
be  at  any  time  made  in  the  payment  of  any  part  either  of 
the  accruing  interest  or  of  the  principal  sum  secured  to  be 
paid  by  any  bond  or  bonds  which  may  be  issued  under  and 
in  pursuance  of  the  authority  aforesaid,  after  the  same  shall 
have  become  due  and  payable,  and  payment  thereof  shall 
have  been  demanded,  not  only  at  the  place  specified  on  the 
face  of  such  bond  or  bonds  for  the  payment  thereof,  but  also 
in  writing,  to  be  delivered  either  to  the  President  of  the 
Company,  or  to  the  Auditor  or  Treasurer  thereof  in  person, 
at  the  principal  office  of  the  Company,  or,  in  their  absence, 
to  any  Director  or  prominent  executive  officer  of  said  Com- 
pany found  at  said  principal  office ;  then  the  said  R.  A.  Lan- 
caster, "W".  K.  Easly  and  Alfred  Austell  or  the  survivor  of 
them,  or  their  successors  in  office,  upon  the  written  request 
of  the  holder  or  holders  of  any  such  bond  or  bonds  as  to 
which  default  shall  have  been  made  as  aforesaid,  after  the 
expiration  of  sixty  days  from  such  default  (should  said  Com- 
pany still  be  in  default)  shall,  after  giving  not  less  than  sixty 
days  notice  of  the  time,  place  and  terms  of  sale,  by  publica- 
tion in  one  or  more  newspapers  published  in  the  Cities  of 
Atlanta  and  Augusta,  in  Georgia;  in  the  Cities  of  Charlotte 
and  Raleigh,  in  North  Carolina ;  in  the  Cities  of  Charleston 
and  Columbia,  in  South  Carolina,  and  in  the  Cities  of  New 
York,  Philadelphia,  Baltimore,  Richmond,  Ya.,  and  New 
Orleans,  and  such  other  places  as  to  the  person  or  persons 
executing  this  trust  shall  seem  advisable,  proceed  to  sell  at 
public  auction,  in  the  City  of  Atlanta,  on  such  terms  of  cash 
or  credit  as  they  may  deem  reasonable  and  proper,  all  the 
property,  estate  and  effects,  real  and  personal,  hereby  granted, 
conveyed  and  assigned  to  them,  or  so  much  thereof  as  may 


17 

be  necessary  for  the  purpose  hereinafter  stated.  They  shall 
also,  at  the  same  time,  take  possession  of  all  tlie  net  revenue 
of  the  said  Company  then  on  hand  and  its  outstanding 
credits,  if  any,  and  proceed  forthwith  to  collect  the  same, 
and  after  defraying  all  the  expenses  of  executing  this  trust, 
including  a  commission  of  two  per,  centum  to  the  trustees  on 
all  sums  of  money  passing  through  their  hands,  shall  apply 
the  net  proceeds  of  the  entire  trust  subject  which  may  thus 
come  into  their  hands,  first  to  the  payment  ratably  of  all 
such  interest  as  may  then  be  due  and  in  arrears  on  any  of 
said  bonds,  and  then  to  the  extinction  rateably  of  the  princi- 
pal of  all  such  bonds  as  may  at  the  same  time  be  also  due 
and  '  unpaid,  all  of  said  bonds,  whensoever  issued,  being 
hereby  placed  on  equal  footing  of  security,  and  being  alike 
entitled  to  ratable  protection. 

If  any  surplus  of  said  trust  fund  shall  remain  after  dis- 
charging such  arrearages  of  interest  and  the  principal  of  all 
such  bonds  as  may  be  then  due  and  unpaid  as  aforesaid,  the 
said  trustees  shall  pay  over  the  same  to  the  Atlanta  and 
Richmond  Air-Line  Railway  Company.  And  if  from  any 
cause  it  shall  be  impracticable  or  inconvenient  for  all  of  the 
trustees  herein  appointed,  to  act  in  the  discharge  of  any  duty 
arising  under  this  trust,  it  shall  be  lawful  for  any  one  of  them 
to  act  alone,  and  such  act  shall  have  the  same  effect  as  if  it 
had  been  the  act  of  all.  And  the  said  Company  doth  cove- 
nant and  agree  with  the  said  R.  A.  Lancaster,  W.  K.  Easley 
and  Alfred  Austell,  and  the  survivor  of  them  and  their  suc- 
cessors, to  warrant  generally  the  title  to  all  the  property 
hereby  granted,  conveyed  and  assigned  to  them.  But  should 
the  amount  of  all  bonds  to  be  issued  as  aforesaid,  principal 
and  interest,  be  paid  by  the  said  Company  without  sale  as 
aforesaid,  then  all  the  right,  title,  and  estate  of  the  trustees 
under  the  deed  shall  be  divested  and  made  void,  and  the  said 
Atlanta  and  Richmond  Air-Line  Railway  Company,  without 
any  deed  to  that  effect,  shall  be  restored  to  all  its  rights  of 
property,  legal  and  equitable,  as  fully  as  if  this  deed  had 
never  been  executed. 


18 

In  testimony  whereof,  the  said  Atlanta  and  Richmond 
Air-Line  Railway  Company  hath  caused  this  deed 
to  be  signed  by  its  President,  and  its  corporate 
[l.s.]  seal  to  be  hereto  affixed,  and  the  said  R.  A  Lan- 
caster, W.  K.  Easley  and  Alfred  Austell  have 
also  signed  and  sealed  the  same  in  person. 

A.  S.  BUFORD, 

President  of  the  Atlanta  and  Richmond 
Air-Line  Railway  Company. 

R.  A.  Lancaster,  Trustee,  [l.s.] 
"W.  K.  Easley,  Trustee,  [l.s.] 
Alfred  Austell,  Trustee,    [l.s.] 

Signed  and  sealed  in  the  presence  of 
James  L.  Davis, 
Thos.  L.  Lucas, 


State  of  Virginia,  ) 
City  of  Richmond,  \ 

Be  it  remembered,  that  on  this  25th  day  of  July,  A.  D. 
1870,  before  me,  the  undersigned,  E.  M.  Garnett,  a  commis- 
sioner resident  in  the  City  of  Richmond,  duly  commissioned 
by  the  executive  authority,  and  under  the  laws  of  the  State 
of  South  Carolina,  to  take  the  proof  of  deeds,  etc.,  to  be  used 
or  recorded  therein,  personally  appeared  James  L.  Davis,  with 
whom  I  am  personally  acquainted,  and  made  oath  that  he  saw 
the  within-named  A.  S.  Buford,  President  of  the  Atlanta  and 
Richmond  Air-line  Railway  Company,  sign,  seal,  and  as  his 
act  and  deed  deliver  the  within  deed  for  the  uses  and  pur- 
poses therein  mentioned,  and  that  he,  with  T.  L.  Lucas,  in  the 
presence  of  each  other,  witnessed  the  dae  execution  thereof. 

James  L.  Davis. 
Sworn  to  before  me  this  25th  day  ) 
of  July,  1870,  as  witness  my  > 
hand  and  official  seal.  ) 

E.  M.   Garnett,          [l.s.] 
Commissioner  for  South  Carolina  in  Virginia. 


19 

State  of  Virginia,  ) 
City  of  Richmond,  ) 

On  this  25th  day  of  July,  A.  D.  1870,  before  me,  E.  M. 
Garnett,  a  commissioner  appointed  by  the  Governor  of  the 
State  of  Virginia,  personally  came  A,  S.  Buford,  President 
of  the  Atlanta  and  Richmond  Air-line  Railway  Company, 
grantor  named  in  the  foregoing  deed,  and  the  said  deed  being 
likewise  produced  and  exhibited  before  me,  the  said  A.  S. 
Buford,  President,  &c,  acknowledged  the  dne  execution 
thereof  by  him,  as  his  act  and  deed,  for  the  uses  and  pur- 
poses therein  expressed. 

In  witness  whereof,  I  have  hereunto  set  my 
hand  and  affixed  my  official  seal,  this 
day  and  year  above  written. 

E.  M.  Garnett,  [l.s.] 

Commissioner  for  North  Carolina  in  Virginia. 


State  of  Virginia,  ) 
City  of  Jtic/wiond,  )  "b' 

Be  it  remembered,  that  on  this  25th  day  of  July,  A.  D. 
1870,  before  me,  the  undersigned,  E.  M.  Garnett,  a  commis- 
sioner resident  in  the  City  of  Richmond,  duly  commissioned 
and  qualified  by  the  executive, authority,  and  under  the  laws 
of  the  State  of  Georgia,  to  take  the  acknowledgment  of 
deeds,  etc.,  to  be  used  or  recorded  therein,  personally  ap- 
peared A.  S.  Buford,  President  of  the  Atlanta  and  Richmond 
Air-line  Railway  Company,  to  me  personally  known  to  be 
the  individual  named  in,  and  who  executed  the  foregoing 
deed,  and  acknowledged  that  he  executed  the  foregoing  deed 
for  the  purpose  therein  named  and  mentioned. 

In  witness  whereof,  I  have  hereunto  set  my 
hand  and  affixed  my  official  seal,  the 
day  and  year  aforesaid. 

E.  M.  Garnett,         [l.s.] 
Commissioner  for  Georgia  in  Virginia. 


